Social cost of carbon? Extreme weather and spiraling insurance costsJuly 15, 2011 by Sally Farhat Kassab
In a recent article on Forbes.com, Skoll Awardee Mindy Lubber of Ceres says the social cost of carbon is directly tied to soaring insurance costs and the extreme weather that prompts them. An excerpt:
“Insurers have already declared 2011 a year for the catastrophe record books, with losses from thunderstorms and twisters topping a record-setting $23.6 billion from just January to June. Peter Hoppe, head of Munich Re’s Geo Risks Research, has no qualms about associating these record losses with climate change. Hoppe says that even when the role of rising population in storm paths is removed from the accelerating trend in losses, climate change emerges as a clear factor in the increased losses.
Scientists, and now economists, are telling us that we are long past due for a more honest accounting of the true costs of carbon dioxide, which is being emitted into the atmosphere largely at zero cost. Our accounting mistake is wreaking ecological and economic damage across the U.S. and the world.”
Read the entire article here.